Download 0000892626-03-000429 - Lasalle Hotel Properties

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
December 12, 2003
---------------------------------------LASALLE HOTEL PROPERTIES
(Exact name of registrant as specified in its charter)
----------------------------------------
Maryland
---------------(State or other
jurisdiction of
incorporation or
organization)
1-14045
----------------(Commission File
Number)
36-4219376
-----------------(IRS Employer
Identification No.)
4800 Montgomery Lane
Suite M25
Bethesda, MD 20814
---------------------------------------(Address of principal executive offices)
Registrant's telephone number, including area code:
(301) 941-1500
Not Applicable
-----------------------------------------------------------(Former name or former address, if changed since last report)
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ITEM 7.
FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
The following exhibit is included with this Report:
Exhibit 99.1
Press release dated December 12, 2003 issued by
LaSalle Hotel Properties.
ITEM 9.
REGULATION FD DISCLOSURE
On December 12, 2003 LaSalle Hotel Properties issued a press release
announcing that it has successfully executed a $65.0 million secured loan
with GE Real Estate at a fixed rate of 5.25 percent. A copy of the press
release is filed as an exhibit to this report and is incorporated by
reference herein.
NOTE: The information in this report (including the exhibit) is
furnished pursuant to Item 9 and shall not be deemed to be "filed" for the
purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that section. This report will not be deemed
an admission as to the materiality of any information contained herein that
is required to be disclosed solely by regulation FD.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
LASALLE HOTEL PROPERTIES
Dated: December 12, 2003
------------------------Hans S. Weger
Executive Vice President,
Treasurer and
Chief Financial Officer
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BY:
/s/ HANS S. WEGER
EXHIBIT INDEX
------------Exhibit
Number
-------
Description
-----------
99.1
Press release dated December 12, 2003 issued by
LaSalle Hotel Properties.
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EXHIBIT 99.1
------------
LaSalle Hotel Properties
4800 Montgomery Lane, Suite M25
Bethesda, MD 20814
Ph. (301) 941-1500
Fax (301) 941-1553
www.lasallehotels.com
------------------------------------------------------------------------FOR IMMEDIATE RELEASE
Contact:
Raymond Martz, Vice President of Finance & Investor Relations
--Bethesda +301/941-1516
LASALLE HOTEL PROPERTIES COMPLETES $65 MILLION SECURED DEBT FINANCING
Five-Year, 5.25 percent Fixed-Rate Loan
Secured by San Diego Paradise Point Resort
BETHESDA, MD, DECEMBER 12, 2003 -- LaSalle Hotel Properties (NYSE:
LHO) today announced that it has successfully executed a $65.0 million
secured loan with GE Real Estate at a fixed rate of 5.25 percent.
The
term of the loan is five years and is secured by the Company's 462-room San
Diego Paradise Point Resort. Proceeds will be used to reduce LaSalle's
outstanding balance on its credit facility.
"We are extremely pleased with the low rate we were able to obtain on
the San Diego secured financing," noted Hans Weger, Chief Financial Officer
for LaSalle Hotel Properties. "As a result of this transaction, 51 percent
of the Company's total outstanding debt now consists of fixed-rate debt and
49 percent now consists of variable-rate debt."
"This deal underscores GE Real Estate's commitment to providing
financial solutions to companies in the hospitality industry," said Michael
Rowan, Senior Vice President, Specialized Industries at GE Real Estate.
"We are delighted to leverage our global capital to help LaSalle Hotel
Properties with their most recent financial services need."
The secured debt transaction was done in anticipation of prepaying
the Company's $62.4 million loan secured by the Lansdowne Resort, which
currently has a 7.5 percent interest rate. The Company gave notice on
December 2, 2003 that it would prepay the Lansdowne loan on February 11,
2004. The Company expects to realize approximately $1.4 million in annual
interest expense savings as a result of the San Diego secured financing and
prepaying the Lansdowne Resort debt. As of December 12, 2003, the Company
had no borrowings outstanding on its senior unsecured credit facility and
$239.5 million of secured debt, including its $11.9 million portion of the
joint venture debt related to the Chicago Marriott.
LaSalle Hotel Properties is a leading multi-tenant, multi-operator
real estate investment trust, which owns interests in 17 upscale and luxury
full-service hotels, totaling approximately 5,600 guest rooms in 12 markets
in 10 states and the District of Columbia. LaSalle Hotel Properties
focuses on investing in upscale and luxury full-service hotels located in
urban, resort and convention markets. The Company seeks to grow through
strategic relationships with premier internationally recognized hotel
operating companies including Marriott International, Inc., Radisson Hotels
International, Inc., Starwood Hotels & Resorts Worldwide, Inc., Crestline
Hotels and Resorts, Inc., Outrigger Lodging Services, Noble House Hotels &
Resorts, Hyatt Hotels Corporation, Benchmark Hospitality and the Kimpton
Hotel & Restaurant Group, LLC.
Certain matters discussed in this press release may be deemed to be forward
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Although LaSalle Hotel Properties believes the
expectations reflected in such forward looking statements are based on
reasonable assumptions, it can give no assurance that its expectations will
be attained. Certain factors that could cause actual results to differ
materially from the Company's expectations are listed in the Company's
Form 10-K for the year ended December 31, 2002 and subsequent SEC reports
and filings. LaSalle Hotel Properties assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events.
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ADDITIONAL CONTACTS:
------------------Hans Weger, Chief Financial Officer, LaSalle Hotel Properties
- 301/941-1516
For additional information or to receive press releases via e-mail, please
visit our website at www.lasallehotels.com